What Is Two-Factor Authentication (2FA)?
Two-factor authentication (2FA) is a security measure that protects your online accounts or computer systems by requiring two types of information to grant access.
It is commonly used on cryptocurrency exchanges and other platforms to enhance account security.
Two-Factor Authentication (2FA) Explanation | Source: Investopedia
When using 2FA, you enter your password as the initial authentication factor.
Afterward, you are prompted to provide additional information to complete the authentication process.
This can be a security code sent via SMS or email, a voice call with a verification code, or even biometric data.
Doubling Security
The purpose of 2FA is to increase the security of your accounts by adding a second layer of verification.
Even if someone can obtain your password, they would still need access to the second factor to gain entry.
There are Different Types of Second Factors Used in 2FA:
- Security codes: These are typically sent through SMS or email and must be entered to authenticate your identity.
- Phone verification: You receive a phone call with a voice assistant providing a verification code.
- Biometrics: includes scanning your fingerprints, facial recognition, or even retinal scans. These methods use unique physical characteristics to verify your identity.
Biometric Authentication
Biometric authentication is becoming more common, especially with the widespread availability of smartphones equipped with fingerprint sensors or 3D cameras for facial recognition.
These methods offer convenience and enhanced security, as they require a unique physical attribute.
Using two-factor authentication significantly reduces the risk of unauthorized access to your accounts and helps protect your sensitive information.